Lithuania: Metal Permanent Magnet Market 2024

Metal Permanent Magnet Market Size in Lithuania

In 2022, the Lithuanian metal permanent magnet market decreased by -0.3% to $X, falling for the second consecutive year after three years of growth. Over the period under review, consumption saw a abrupt curtailment. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Metal Permanent Magnet Production in Lithuania

In value terms, metal permanent magnet production declined to $X in 2022 estimated in export price. Overall, production saw a significant decrease. The pace of growth was the most pronounced in 2020 with an increase of 67%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Metal Permanent Magnet Exports

Exports from Lithuania

For the third year in a row, Lithuania recorded decline in overseas shipments of metal permanent magnets, which decreased by -21.9% to X tons in 2022. Over the period under review, exports, however, continue to indicate a perceptible increase. The pace of growth appeared the most rapid in 2019 with an increase of 133% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, metal permanent magnet exports declined notably to $X in 2022. Overall, exports, however, showed a significant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 124% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2021, and then shrank rapidly in the following year.

Exports by Country

Latvia (X tons), Estonia (X tons) and Russia (X tons) were the main destinations of metal permanent magnet exports from Lithuania, together comprising 66% of total exports. The United States, the Netherlands, Poland, Kazakhstan and Italy lagged somewhat behind, together comprising a further 25%.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +120.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for metal permanent magnets exports from Lithuania, comprising 51% of total exports. The second position in the ranking was held by the Netherlands ($X), with a 19% share of total exports. It was followed by Russia, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +310.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+33.8% per year) and Russia (+6.2% per year).

Export Prices by Country

The average metal permanent magnet export price stood at $X per ton in 2022, shrinking by -1.6% against the previous year. Overall, the export price, however, recorded a significant expansion. The most prominent rate of growth was recorded in 2020 when the average export price increased by 284%. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then contracted modestly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Estonia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+86.3%), while the prices for the other major destinations experienced more modest paces of growth.

Metal Permanent Magnet Imports

Imports into Lithuania

In 2022, the amount of metal permanent magnets imported into Lithuania contracted slightly to X tons, waning by -4.4% on the year before. In general, imports, however, continue to indicate resilient growth. The most prominent rate of growth was recorded in 2015 with an increase of 71%. Imports peaked at X tons in 2021, and then contracted slightly in the following year.

In value terms, metal permanent magnet imports contracted slightly to $X in 2022. Overall, imports, however, recorded a buoyant increase. The pace of growth was the most pronounced in 2014 with an increase of 52%. Imports peaked at $X in 2021, and then fell modestly in the following year.

Imports by Country

Germany (X tons), China (X tons) and Poland (X tons) were the main suppliers of metal permanent magnet imports to Lithuania, together accounting for 85% of total imports. Italy, Latvia, the Netherlands, the Czech Republic and the UK lagged somewhat behind, together accounting for a further 13%.

From 2012 to 2022, the biggest increases were recorded for the Czech Republic (with a CAGR of +73.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Germany ($X) and Italy ($X) were the largest metal permanent magnet suppliers to Lithuania, with a combined 81% share of total imports. Latvia, the Netherlands, Poland, the UK and the Czech Republic lagged somewhat behind, together comprising a further 14%.

Among the main suppliers, the Czech Republic, with a CAGR of +39.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average metal permanent magnet import price stood at $X per ton in 2022, with an increase of 2.9% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the average import price increased by 69%. As a result, import price attained the peak level of $X per ton. From 2021 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Poland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+22.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform